Investcorp has continued to expand its European real estate presence with the acquisition of a Milan office building.
The acquisition marks Investcorp’s entry into the Italian real estate market.
The global alternative investment firm has bought Via Mecenate, 91, near Milan’s Linate airport for €70 mln.
French fashion giant Kering occupies the building as its Italian headquarters and has recently extended its lease. It is located next to Gucci’s Milan headquarters that opened in 2016. That 56,000 m2 building is a converted aeronautical factory.
Kering’s HQ comprises 18,000 m2 of office space, including a canteen and café, spread across nine floors. The property was fully refurbished in 2019, with only the frame of the existing building being retained. It boasts a LEED Platinum Core and Shell Development certification dated January 2020, the highest possible certification established by the US Green Building Council.
Investcorp’s latest deal builds on office and industrial properties in the UK, Germany, the Netherlands and Brussels.
Neil Hasson, MD and head of Investcorp European Real Estate, said: ‘Our latest acquisition is in line with our ongoing focus on expanding our real estate portfolio across Europe, with a focus on acquiring income-producing assets.’
‘Milan continues to be the most dynamic market in Italy, with growing demand for office space, and we are pleased to have completed this transaction that we believe can provide stable cash flows in an improving submarket.’
